As James Lee takes over as president of the Financial Planning Association, he aims to take up the fight for legal protection of financial planning as a profession.
Lee’s year-long term, which began Sunday, will be focused on establishing universally accepted standards of competency and ethics for anyone proclaiming themselves to be a financial planner.
“FPA believes financial planning is a noble profession worthy of recognition and legal protection,” Lee said in a statement. “Anyone representing themselves as a financial planner must be qualified to provide these critical services.”
While achieving the goal could take years and involve legislative and regulatory changes at the state and federal levels, Lee said he plans to work with the FPA’s national volunteer leaders to move the long-term goal forward in 2023.
“I believe strongly in the power of volunteerism and what it can do for organizations and society as a whole,” he said. “I look forward to using this platform as FPA’s president to encourage others to volunteer while we work to position financial planning as the next great profession.”
In addition to serving as president of Lee Investment Management in Saratoga Springs, New York, Lee has been a member of the FPA for more than 20 years and spent the last three serving on the board of directors, included a stint as president-elect in 2022. He is a founding member of the FPA Council of New York, a past chair of FPA’s legislative and regulatory issues committee, and spent seven years on the board of directors of the FPA of Northeastern New York.
During the FPA’s annual update in July, Lee’s predecessor, Dennis Moore, announced an initiative to make title protection the group's top advocacy priority and be the industry leader on the cause.
A new proposal could end the ban on promoting client reviews in states like California and Connecticut, giving state-registered advisors a level playing field with their SEC-registered peers.
Morningstar research data show improved retirement trajectories for self-directors and allocators placed in managed accounts.
Some in the industry say that more UBS financial advisors this year will be heading for the exits.
The Wall Street giant has blasted data middlemen as digital freeloaders, but tech firms and consumer advocates are pushing back.
Research reveals a 4% year-on-year increase in expenses that one in five Americans, including one-quarter of Gen Xers, say they have not planned for.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
